The European Commission, in coordination with other authorities, reportedly plans to have its financial watchdog group potentially oversee illicit transactions at crypto firms.
According to a Tuesday Bloomberg report, a group of European Union member nations led by Germany and including The Netherlands, Spain, Austria, Italy and Luxembourg plan to include crypto firms under the purview of the Anti-Money Laundering-focused group — purportedly the European Commission’s Anti-Money Laundering Authority, which was first proposed in July 2021. The group will reportedly begin operating in 2024 and be “fully functional” by 2026.